Bitcoin Gold Security Problems

Technology > Security

Photo By Joe L Mossa via Shutterstock

With the advent of cryptocurrencies, there has been a slew of security problems that have come up associated with it. Just recently, Bitcoin Gold was the target of a Distributed Denial of Service (DDoS) and this happened just after Bitcoin Gold forked off from Bitcoin as a new cryptocurrency.

The attacks have been attributed to enemies or rivals of the new currency, especially from those who want to undermine the new cryptocurrency and even the whole cryptocurrency community.

Bitcoin Gold was attacked just after it separated from Bitcoin on the 24th of October, as reported on the website news by Arseny Reutov. Then on November. 20 they found a fraudulent Bitcoin Gold Wallet called "mybtgwallet" which was being promoted on the Bitcoin Gold website. The team removed it but the damage was already done as some $3.3 million was already lost.

After a week, Bitcoin Gold issued a critical warning when they found out two new suspicious files in its wallet, telling those who downloaded the files to delete, scan or wipe their computer, as well as to take away the cryptocurrency access from their computers.

The attack has damaged the reputation of Bitcoin Gold and the cryptocurrency community with questions on perceived lax security. Consequently, Bitcoin Gold's ranking went down from 5th to 10th spot.

The case shows that Bitcoin and the cryptocurrency security needs to be addressed more by Bitcoin Gold and cryptocurrency companies so that similar security breaches in the future can be minimized, if not averted.